Another amnesty?

This refers to the news story ‘Incentives to bring out dollars being considered’ (February 8, 2023). With lingering uncertainty surrounding the outcome of the talks with the IMF, the government is desperate to get dollars. The writer suggests offering wealthy people and businesses financial incentives to help meet this critical need. Time is running out to prevent a default. The SBP reserves have fallen to dangerous lows and we are already struggling to pay for all our imports, many of which remain anchored at our docks.

It is sad to see that this alone is not enough of an incentive for the rich and that there is the very real possibility that the state may have to go begging to those hoarding dollars with promises of interest payments to get them to rescue their countrymen from catastrophe. Ultimately, it may take the stick and not the carrot for the economic elite to do their duty.

Arif Majeed

Karachi